Quality disclosure and certification: Theory and practice
This essay reviews the theoretical and empirical literature on quality disclosure and
certification. After comparing quality disclosure with other quality assurance mechanisms …
certification. After comparing quality disclosure with other quality assurance mechanisms …
Founding family ownership and the agency cost of debt
We investigate the impact of founding family ownership structure on the agency cost of debt.
We find that founding family ownership is common in large, publicly traded firms and is …
We find that founding family ownership is common in large, publicly traded firms and is …
Output fluctuations in the United States: What has changed since the early 1980's?
MM McConnell, G Perez-Quiros - American Economic Review, 2000 - pubs.aeaweb.org
The business press is currently sprinkled with references to the “death” or “taming” of the
business cycle in the United States. While such claims are at best premature, they are in part …
business cycle in the United States. While such claims are at best premature, they are in part …
Credit ratings as coordination mechanisms
AWA Boot, TT Milbourn… - The Review of Financial …, 2006 - academic.oup.com
In this article, we provide a novel rationale for credit ratings. The rationale that we propose is
that credit ratings serve as a coordinating mechanism in situations where multiple equilibria …
that credit ratings serve as a coordinating mechanism in situations where multiple equilibria …
Do regulations based on credit ratings affect a firm's cost of capital?
DJ Kisgen, PE Strahan - The Review of Financial Studies, 2010 - academic.oup.com
Abstract In February 2003, the US Securities and Exchange Commission officially certified a
fourth credit rating agency, Dominion Bond Rating Service (DBRS), for use in bond …
fourth credit rating agency, Dominion Bond Rating Service (DBRS), for use in bond …
The role of auditor choice in debt pricing in private firms
We examine the role of auditor choice in debt pricing in private firms. Because both Moody's
and Standard & Poor's comprehensively rate 144A bond issues made by private firms, we …
and Standard & Poor's comprehensively rate 144A bond issues made by private firms, we …
[PDF][PDF] The dynamic pricing of sovereign risk in emerging markets: Fundamentals and risk aversion
E Remolona, M Scatigna, E Wu - Journal of Fixed income, 2008 - bayes.city.ac.uk
This paper introduces a new approach to pricing sovereign risk based on sovereign credit
default swap (CDS) spreads. We estimate a dynamic market-based measure of sovereign …
default swap (CDS) spreads. We estimate a dynamic market-based measure of sovereign …
Firm internationalization and the cost of debt financing: Evidence from non-provisional publicly traded debt
Recent research suggests that firm internationalization is associated with greater exchange
rate risk and a higher cost of equity capital. However, there is no research on the relation …
rate risk and a higher cost of equity capital. However, there is no research on the relation …
The price impact of rating announcements: which announcements matter?
M Micu, EM Remolona, PD Wooldridge - 2006 - papers.ssrn.com
Credit rating agencies make multiple announcements, some of which are intended to reflect
the latest information available about a firm and others of which are intended to provide a …
the latest information available about a firm and others of which are intended to provide a …
Assessing credit rating agencies by bond issuers and institutional investors
HK Baker, SA Mansi - Journal of Business Finance & …, 2002 - Wiley Online Library
We examine how a sample of publicly traded corporate bond issuers and institutional
investors assess the four major nationally recognized rating agencies and their role in …
investors assess the four major nationally recognized rating agencies and their role in …